Geron Corp Financials

GERN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Geron Corp (GERN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Geron Corp passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

1.25x

For every $1 of reported earnings, Geron Corp generates $1.25 in operating cash flow (-$218.6M OCF vs -$174.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-9.4x

Geron Corp earns $-9.4 in operating income for every $1 of interest expense (-$173.7M vs $18.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$173.2M

YoY+10.5%

Geron Corp's EBITDA was -$173.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.5% from the prior year.

Free Cash Flow

-$219.3M

YoY-30.1%

Geron Corp generated -$219.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 30.1% from the prior year.

Net Income

-$174.6M

YoY+5.2%

Geron Corp reported -$174.6M in net income in fiscal year 2024. This represents an increase of 5.2% from the prior year.

EPS (Diluted)

$-0.27

YoY+15.6%

Geron Corp earned $-0.27 per diluted share (EPS) in fiscal year 2024. This represents an increase of 15.6% from the prior year.

Cash & Debt

$79.0M

YoY+12.8%

5Y CAGR+42.1%

10Y CAGR+6.3%

Geron Corp held $79.0M in cash against $118.5M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

606M

YoY+11.3%

5Y CAGR+24.9%

10Y CAGR+14.4%

Geron Corp had 606M shares outstanding in fiscal year 2024. This represents an increase of 11.3% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$103.7M

YoY-17.0%

5Y CAGR+14.8%

10Y CAGR+17.5%

Geron Corp invested $103.7M in research and development in fiscal year 2024. This represents a decrease of 17.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$680K

YoY-18.1%

5Y CAGR+10.5%

10Y CAGR+17.9%

Geron Corp invested $680K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 18.1% from the prior year.

GERN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	$237K-60.2%	$596K-57.2%	$1.4M+450.6%	$253K-45.0%	$460K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$103.7M-17.0%	$125.0M+30.9%	$95.5M+11.4%	$85.7M+66.5%	$51.5M-1.1%	$52.1M
SG&A Expenses	$145.7M+110.8%	$69.1M+58.5%	$43.6M+47.1%	$29.7M+15.5%	$25.7M+22.9%	$20.9M
Operating Income	-$173.7M+10.4%	-$193.9M-40.0%	-$138.6M-21.5%	-$114.0M-48.2%	-$76.9M-6.1%	-$72.5M
Interest Expense	$18.5M+122.6%	$8.3M+20.8%	$6.9M+84.0%	$3.7M+392.1%	$760K	N/A
Income Tax	$449K+1940.9%	$22K	N/A	N/A	N/A	N/A
Net Income	-$174.6M+5.2%	-$184.1M-29.8%	-$141.9M-22.2%	-$116.1M-53.6%	-$75.6M-10.3%	-$68.5M
EPS (Diluted)	$-0.27+15.6%	$-0.32+13.5%	$-0.37-5.7%	$-0.35-25.0%	$-0.28	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$47.2M-3.7%	$49.0M+23.8%	$39.6M+40.1%	$28.3M+3105.3%	$882K+190.1%	$304K+1221.7%	$23K-86.0%	$164K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$21.1M-3.1%	$21.7M+44.2%	$15.1M-25.2%	$20.2M-34.5%	$30.8M+4.8%	$29.4M-10.8%	$32.9M+11.8%	$29.4M
SG&A Expenses	$39.0M+1.1%	$38.6M-3.6%	$40.0M+11.6%	$35.9M-9.0%	$39.4M+45.6%	$27.1M+26.5%	$21.4M+16.6%	$18.4M
Operating Income	-$13.9M-11.5%	-$12.5M+25.4%	-$16.7M+40.8%	-$28.2M+59.3%	-$69.3M-23.5%	-$56.1M-3.4%	-$54.3M-14.0%	-$47.6M
Interest Expense	$8.6M+1.5%	$8.5M+3.9%	$8.2M+169.2%	$3.0M-8.2%	$3.3M-3.3%	$3.4M+47.9%	$2.3M+12.3%	$2.1M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$18.4M-12.5%	-$16.4M+17.4%	-$19.8M+25.0%	-$26.4M+60.8%	-$67.4M-21.7%	-$55.4M-6.6%	-$52.0M-16.0%	-$44.8M
EPS (Diluted)	$-0.03-50.0%	$-0.02+33.3%	$-0.03+25.0%	$-0.04+60.0%	$-0.10-11.1%	$-0.09-12.5%	$-0.080.0%	$-0.08

GERN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$593.8M+50.7%	$394.1M+106.8%	$190.6M-15.7%	$226.0M-16.5%	$270.7M+63.6%	$165.5M
Current Assets	$491.0M+43.8%	$341.3M+89.4%	$180.2M-3.7%	$187.2M-6.3%	$199.9M+41.1%	$141.6M
Cash & Equivalents	$79.0M+12.8%	$70.0M+23.2%	$56.8M+63.0%	$34.9M+251.3%	$9.9M-27.3%	$13.6M
Inventory	$38.7M	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$35.9M	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$313.5M+114.5%	$146.1M+32.1%	$110.6M+11.0%	$99.6M+66.6%	$59.8M+96.9%	$30.4M
Current Liabilities	$88.3M-18.3%	$108.1M+40.9%	$76.7M+68.5%	$45.5M+47.1%	$30.9M+9.9%	$28.2M
Long-Term Debt	$118.5M+238.0%	$35.1M+16.0%	$30.2M-39.4%	$49.8M+107.3%	$24.0M	N/A
Total Equity	$280.3M+13.1%	$247.9M+209.9%	$80.0M-36.7%	$126.4M-40.1%	$210.9M+56.1%	$135.2M
Retained Earnings	-$1.8B-10.9%	-$1.6B-13.0%	-$1.4B-11.2%	-$1.3B-10.0%	-$1.2B-7.0%	-$1.1B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$567.4M+2.2%	$555.2M-1.3%	$562.5M-5.3%	$593.8M+32.1%	$449.4M-6.8%	$482.1M+22.3%	$394.1M-4.6%	$413.0M
Current Assets	$522.3M+3.3%	$505.6M+2.0%	$495.8M+1.0%	$491.0M+31.5%	$373.3M-17.3%	$451.5M+32.3%	$341.3M+1.9%	$335.1M
Cash & Equivalents	$78.1M+0.5%	$77.7M-7.2%	$83.7M+6.0%	$79.0M-32.4%	$116.9M-38.4%	$189.8M+171.0%	$70.0M+128.0%	$30.7M
Inventory	$95.4M+38.0%	$69.1M+23.0%	$56.2M+45.2%	$38.7M+4901.8%	$774K	N/A	N/A	N/A
Accounts Receivable	$35.4M-3.4%	$36.6M+17.5%	$31.2M-13.3%	$35.9M+4012.8%	$874K	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$318.7M+7.8%	$295.7M+0.5%	$294.2M-6.1%	$313.5M+119.7%	$142.7M+4.0%	$137.2M-6.1%	$146.1M+19.4%	$122.4M
Current Liabilities	$87.7M+36.4%	$64.3M+2.0%	$63.0M-28.6%	$88.3M-14.7%	$103.5M-15.9%	$123.2M+14.0%	$108.1M+20.9%	$89.4M
Long-Term Debt	$119.3M+0.2%	$119.0M+0.2%	$118.7M+0.2%	$118.5M+224.4%	$36.5M+225.5%	$11.2M-68.0%	$35.1M+17.5%	$29.8M
Total Equity	$248.7M-4.2%	$259.5M-3.2%	$268.2M-4.3%	$280.3M-8.6%	$306.7M-11.1%	$344.9M+39.1%	$247.9M-14.7%	$290.6M
Retained Earnings	-$1.8B-1.0%	-$1.8B-0.9%	-$1.8B-1.1%	-$1.8B-3.0%	-$1.7B-4.1%	-$1.7B-3.5%	-$1.6B-3.4%	-$1.5B

GERN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$218.6M-30.3%	-$167.7M-31.7%	-$127.4M-33.3%	-$95.6M-43.4%	-$66.7M-52.1%	-$43.8M
Capital Expenditures	$680K-18.1%	$830K+92.6%	$431K+108.2%	$207K-48.4%	$401K-2.9%	$413K
Free Cash Flow	-$219.3M-30.1%	-$168.6M-31.9%	-$127.8M-33.5%	-$95.8M-42.8%	-$67.1M-51.6%	-$44.2M
Investing Cash Flow	-$106.0M+41.2%	-$180.3M-390.5%	$62.1M-13.7%	$71.9M+168.3%	-$105.3M-484.4%	$27.4M
Financing Cash Flow	$334.4M-7.6%	$362.0M+314.9%	$87.3M+79.7%	$48.6M-71.2%	$168.3M+763.4%	$19.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$13.6M+50.5%	-$27.4M+42.9%	-$48.0M-9.2%	-$43.9M+17.8%	-$53.5M+14.1%	-$62.3M-52.1%	-$40.9M+19.5%	-$50.8M
Capital Expenditures	N/A	N/A	N/A	-$141K-168.4%	$206K-66.5%	$615K+860.9%	$64K-66.7%	$192K
Free Cash Flow	N/A	N/A	N/A	-$44.1M+17.9%	-$53.7M+14.6%	-$62.9M-53.3%	-$41.0M+19.7%	-$51.0M
Investing Cash Flow	$13.3M-34.3%	$20.3M-61.3%	$52.4M+150.7%	-$103.5M-186.4%	-$36.1M-205.7%	$34.2M-28.1%	$47.6M+1109.1%	-$4.7M
Financing Cash Flow	$542K-50.3%	$1.1M+326.2%	$256K-99.8%	$166.2M+887.1%	$16.8M-88.6%	$147.8M+344.1%	$33.3M+13.4%	$29.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GERN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	-81832.9%-58586.3pp	-23246.6%-15062.9pp	-8183.7%+22216.7pp	-30400.4%-14638.4pp	-15762.0%
Net Margin	N/A	-77690.7%-53881.8pp	-23808.9%-15473.5pp	-8335.4%+21552.7pp	-29888.1%-14986.4pp	-14901.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-29.4%+17.3pp	-46.7%+27.7pp	-74.5%-23.1pp	-51.4%-23.4pp	-27.9%+13.5pp	-41.4%
Current Ratio	5.56+2.4	3.16+0.8	2.35-1.8	4.11-2.3	6.46+1.4	5.03
Debt-to-Equity	0.42+0.3	0.14-0.2	0.38-0.0	0.39+0.3	0.11-0.1	0.22
FCF Margin	N/A	-71127.9%-49683.2pp	-21444.6%-14570.0pp	-6874.6%+19628.6pp	-26503.2%-16885.3pp	-9617.8%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-29.4%-4.0pp	-25.4%+16.8pp	-42.2%+57.6pp	-99.8%+7761.1pp	-7860.9%+10604.2pp	-18465.1%+217574.0pp	-236039.1%-207007.4pp	-29031.7%
Net Margin	-39.0%-5.6pp	-33.4%+16.7pp	-50.1%+43.5pp	-93.5%+7546.2pp	-7639.8%+10580.6pp	-18220.4%+207749.2pp	-225969.6%-198649.5pp	-27320.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-3.3%-0.3pp	-2.9%+0.6pp	-3.5%+2.4pp	-5.9%+9.0pp	-15.0%-3.5pp	-11.5%+1.7pp	-13.2%-2.3pp	-10.8%
Current Ratio	5.96-1.9	7.870.0	7.87+2.3	5.56+2.0	3.61-0.1	3.67+0.5	3.16-0.6	3.75
Debt-to-Equity	0.48+0.0	0.46+0.0	0.44+0.0	0.42+0.3	0.12+0.1	0.03-0.1	0.14+0.0	0.10
FCF Margin	N/A	N/A	N/A	-208.5%+5878.1pp	-6086.6%+14593.6pp	-20680.3%+157589.3pp	-178269.6%-147153.1pp	-31116.5%

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Frequently Asked Questions

Is Geron Corp profitable?

No, Geron Corp (GERN) reported a net income of -$174.6M in fiscal year 2024.

What is Geron Corp's earnings per share (EPS)?

Geron Corp (GERN) reported diluted earnings per share of $-0.27 for fiscal year 2024. This represents a 15.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Geron Corp's EBITDA?

Geron Corp (GERN) had EBITDA of -$173.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Geron Corp have?

As of fiscal year 2024, Geron Corp (GERN) had $79.0M in cash and equivalents against $118.5M in long-term debt.

What is Geron Corp's free cash flow?

Geron Corp (GERN) generated -$219.3M in free cash flow during fiscal year 2024. This represents a -30.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Geron Corp's operating cash flow?

Geron Corp (GERN) generated -$218.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Geron Corp's total assets?

Geron Corp (GERN) had $593.8M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Geron Corp's capital expenditures?

Geron Corp (GERN) invested $680K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Geron Corp spend on research and development?

Geron Corp (GERN) invested $103.7M in research and development during fiscal year 2024.

How many shares does Geron Corp have outstanding?

Geron Corp (GERN) had 606M shares outstanding as of fiscal year 2024.

What is Geron Corp's current ratio?

Geron Corp (GERN) had a current ratio of 5.56 as of fiscal year 2024, which is generally considered healthy.

What is Geron Corp's debt-to-equity ratio?

Geron Corp (GERN) had a debt-to-equity ratio of 0.42 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Geron Corp's return on assets (ROA)?

Geron Corp (GERN) had a return on assets of -29.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Geron Corp's cash runway?

Based on fiscal year 2024 data, Geron Corp (GERN) had $79.0M in cash against an annual operating cash burn of $218.6M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Geron Corp's Piotroski F-Score?

Geron Corp (GERN) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Geron Corp's earnings high quality?

Geron Corp (GERN) has an earnings quality ratio of 1.25x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Geron Corp cover its interest payments?

Geron Corp (GERN) has an interest coverage ratio of -9.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.